GnuCash how to do laptop purchase payment plan

[Mark Phillips]

Oops....missed that part. Thanks, prl!

Mark
On Jul 18, 2015 8:25 PM, "prl" <prl at ozemail.com.au> wrote:

> Fair Fax's description of the plan (which is possibly incomplete) is that
> the credit card is charged $100 every month. There seems to be a separate
> $1000 liability to the seller that is decreased by $100 each month when
> $100 is charged to the credit card. The liability in the credit card is
> then discharged by Fair Fax's normal method for paying his credit card debt.
>
> So on the basis of the description:
>
> On the transaction date, $1000 liability to the seller and $1000 tangible
> asset (computer).
> Each month, a scheduled transaction to transfer $100 of the liability to
> the seller to the credit card as a liability.
> Each month (probably on a different date), transfer whatever Fair Fax's
> usual amount is from an asset account (e.g. cheque, savings) to the credit
> card.
>
> But it really depends exactly how the seller charges on Fair Fax's credit
> card.
>
> Peter
>
> On 19/07/2015 11:23, Mark Phillips wrote:
>
>> First Entry - You have a $1000 credit card (liability) balance and an
>> asset
>> (computer) valued at $1000.
>>
>> Set up a monthly recurring transaction that takes $100 from your checking
>> account and put that as a payment to your credit card account.
>>
>> In 10 months, your credit card balance will be $0 (unless you have other
>> charges).
>>
>> Mark
>>
>> On Sat, Jul 18, 2015 at 12:28 PM, fair fax <fairfax.six at gmail.com> wrote:
>>
>>  Hello,
>>>
>>> I bought a laptop for $1000 online and paid by credit card. The payment
>>> plan is 10-month payment with 0% interest rate. So it charges $100 to my
>>> credit card each month. In this case, how do I do it on GnuCash? Split
>>> transaction has to be happen on the same day, where I need the $100
>>> credit
>>> card bill split to 10 months. Hope the community can help me with this.
>>> Appreciated!
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>